Ethereum has entered a bull run, surpassing $3,000 in May 2025, fueled by expanding global liquidity, which reached an index level of 97.5. Analyst BitBull predicts Ethereum could reach $11,000–$14,000 by 2026, based on cyclical impulse patterns. As of September 2025, Ethereum trades near $4,421, with significant whale accumulation and strong support between $3,000 and $3,500. The market movement aligns with broader financial conditions, with global liquidity identified as a key driver. Since late 2024, Ethereum was in an accumulation phase below $2,750 due to weaker liquidity under tighter monetary conditions. A sharp liquidity increase in May 2025 coincided with Ethereum breaking the $3,000 resistance, marking the start of a new bull phase. Analysts agree that sustained liquidity expansion and historical wave patterns position Ethereum firmly within its bull cycle.